HomeMy WebLinkAboutAgenda Statement 1978/06/20 Item 09aCITY OF CHULA VISTA
' COUNCIL AGENDA STATEMENT ~ Iter~ No. 9a
For meeting of 6/20/78
ITEM TITLE Resolution ~ 1`~ Authorizing the Allocation of $25,000 from Community
Development Block Grant to the Redevelopment Agency
SUBMITTED BY Community Development Director
ITEM EXPLANATION
(4/5TH'S VOTE REQUIRED YES. X NO )
At the June meeting of the Redevelopment Agency, the Agency recommended that the City
Council consider partial funding of the Town Centre Development Corporation upon completion
of the necessary environmental review. A finding of no significant impact has been issued
and staff would now recommend that the City Council consider this .project. This project,
in conjunction with the Small Business Administration and local financial institutions,
will enable the small businesspersons on Third Avenue to obtain low-interest loans for
construction and/or renovation of their businesses.
Specifically, staff is recommending that $25,000 of Fourth Year Block Grant funds be
appropriated to the Redevelopment Agency. The Redevelopment Agency would then allocate
these funds to the Development Corporation as the City's participation in the low-interest
loan program. By taking this action, the Town Centre Development Corporation would request
funding at the July 6, 1978 Agency meeting and be able to make its first loan by the end of
July.
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Agreement Resolution X Ordinance Plat Notification List
Other ENVIRONMENTAL DOCUMENT: Attached Submitted on
FINANCIAL IMPACT
Funds are available in Fourth Year Block Grant fund 632-6320-BG57. With $25,000 available
at 22 to 5% of that project cost, the corporation would be able to participate in loans
totaling between $500,000 and $1,000,000.
STAFF RECOMMENDATION
Adopt resolution.
BOARD/COMMISSION RECOMMENDATION
COUNCIL ACTION
K~ 9~~ri
i,c:;~~-m No. CA 102
CERTIFICATE OF CITY FINANCE OFFICER
Certification of Unappropriated Balance
I HEREBY CERTIFY that the money required for the
appropriation of funds for the purpose set forth in the
attached resolution is available in the Treasury, or is
anticipated to come into the Treasury, and is otherwise
unappropriated.
Amount $ Fund
Purpose
Bidder
Finance Officer
The City of Chula Vista
Date By
Certification of Unencumbered Balance
I HEREBY CERTIFY that the indebtedness and oblig-
ation to be incurred by the contract or agreement author-
ized by the attached resolution can be incurred without
the violation of. any of the provisions of the Charter of
the City of Chula Vista, or the Constitution or the laws
of the State of California, that sufficient monies have
been appropriated for the purpose of said contract, that
sufficient monies to meet the obligations of the contract
are actually in the Treasury, or are anticipated to come
into the Treasury to the credit of the appropriation from
which the same are to be drawn, and that said monies now
actually in the Treasury, together with the monies antic-
ipated to come into the Treasury, to the credit of said
appropriation are otherwise unencumbered.
Amount Not to Exceed $ 25,000.00
632 6320 BG 57
Date 6/20/78 By
r~inance Utticer
The City of Chula Vista
Fund Block Grant Dept./Activity Economic Development
Purpose City participation i n 1 ow-interest 1 oan program
Bidder N/A
Certificate No. 97
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